General Electric beats by $0.02, misses on revs; reaffirms FY16 EPS guidance :
- Reports Q1 (Mar) industrial operating + verticals earnings of $0.21 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.19; industrial operating + verticals revenues rose 6.4% year/year to $27.6 bln vs the $27.97 bln Capital IQ Consensus.
- Industrial margins ex-Alstom 12.8% +30 bps, +110 bps, ex. FX
- Industrial segment organic revenues -1%; No change to +2-4% framework for year, higher Power shipments in 2H'16.
- Orders +1%, -7% organic; services +4% organic; strong organic growth in Power +25% and in Renewable Energy +88%
- Backlog $316 billion, +18% vs. 1Q'15, +7% excluding Alstom.
- Co reaffirms guidance for FY16, sees EPS of $1.45-1.55, excluding non-recurring items, vs. $1.50 Capital IQ Consensus Estimate.
- GE Capital update: $166 billion of asset sales signed, $146 billion closed, ahead of plan; $7.5 billion dividend to parent in 1Q; on track for ~$18 billion in 2016; Submitted application for SIFI de-designation.
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